Hillsboro, North Dakota Business Gets SBA-Guaranteed Funding from The Goose River Bank

The Goose River Bank and the SBA work together to get business loans for growing small businesses. Here's an example of how a North Dakota entrepreneur was able to get a loan to take a small business to the next level.

Getting a small business loan in Hillsboro, North Dakota was an essential business goal for this company back in 2001 and, based on their loan application, they were successful in getting an SBA loan from The Goose River Bank, operating out of Hillsboro, North Dakota. Here are the details on this North Dakota small business loan.

SBA Loan Borrower

COMPANY TYPE: HIGHWAY AND STREET CONSTRUCTION
HILLSBORO, ND 58045

SBA Loan Lender

THE GOOSE RIVER BANK
515 W CALEDONIA AVE
HILLSBORO, ND 58045

This lender issued this bank loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program began in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

SIC Code

1611 - Highway and Street Construction

NAICS Code

234110 - Highway and Street Construction

Loan Approval Date

4/12/2001

Loan Approval Gross Amount

$57,200

Loan Approval from the SBA

Of the total $57,200 loan amount, the SBA guaranteed $48,620.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. The SBA's records indicate that the loan was not for investment in a franchise. At the time of the loan, the company had 2 employees. The loan application did not indicate that the small business planned to use the money to hire new employees or retain any existing employees.

Great, But How Can I Get an SBA Loan for My Business?

Every year, the SBA guarantees over $10 billion for loans just like this one.

The SBA is important source of financing for entrepreneurs like you. Take this loan, for example. The company needed a loan. The Goose River Bank had a strong track record in business lending, and with the SBA stepping up and agreeing to guarantee part of the loan, The Goose River Bank made the loan. The end result was that this firm was given the opportunity to grow their business and enhance the lives of their employees and customers.

The process for getting an SBA loan is relatively straight-forward. Sit down with your banker and they will explain the process in detail.

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Determining Proper Capital Structure for a Business

Small Business Banks in Hillsboro, North Dakota

Find an SBA Lender in North Dakota